Oryx International Growth Fund : 2022 Half-Yearly Financial Statements - Oryx International Growth Fund

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Half-Yearly Financial Report

for the six month period ended 30 September 2022

Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2022

Contents

Half-Yearly Board Report
- Performance Summary and Dividend History	1
-	Chairman's Statement	2
-	Executive Summary	3
Board Members	6
Investment Adviser's Report	8
Ten Largest Holdings	10
Statement of Directors' Responsibilities	14
Condensed Statement of Comprehensive Income	15
Condensed Statement of Financial Position	16
Condensed Statement of Changes in Shareholders' Equity	17
Condensed Statement of Cash Flows	18
Notes to the Condensed Financial Statements	19
Alternative Performance Measures	32
Company Information	Inside back cover

Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2022

Half-Yearly Board Report

Performance Summary and Dividend History

Performance Summary

(£ in millions, except per share data and the number of	At	At
Ordinary Shares in issue)	30 September 2022	31 March 2022
Number of Ordinary Shares in issue	14,000,000	14,000,000
Net Asset Value ("NAV") attributable to shareholders
- Ordinary Shares	187.36	219.41
Investments	180.66	208.89
Cash and cash equivalents	6.87	10.62
NAV per share attributable to shareholders1
- Ordinary Shares	13.38	15.67
Share Price	11.25	14.80
Discount to NAV1	(15.92)%	(5.55)%
Loss per share2	(2.29)	(0.75)

Dividend history

No Ordinary Share dividend was declared during the period.

1. These performance metrics are also Alternative Performance Measures, see page 32 for details.
2. The loss per share of £(2.29) relates to the six month period ended 30 September 2022 whereas the loss per share of £(0.75) relates to the financial year ended 31 March 2022.

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Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2022

Half-Yearly Board Report (continued) Chairman's Statement

The first half of our financial year saw the downward pressure on markets intensifying. The full effects of COVID-19, the war in Ukraine, inflation and the cost of living crisis are all contributing to the poor investment markets. As the Investment Manager reports below, this saw the NAV per share fall by 14.61%. While this is disappointing, it must be remembered that we have had a significant period of strong performance with the NAV per share rising 31% over 3 years and 92% over 5 years.

The investment philosophy of Christopher Mills and his team at Harwood has always been rooted in investing in companies where there is an opportunity for value creation through active management but this has always been tempered by a conservative approach to leverage, and a belief that strong management and good prospects will win over time. I am certain that this will stand us in good stead during this period of uncertainty. The Board continues to be encouraged by the underlying strength of our portfolio companies and we remain confident that when markets recover, we will see the ground we have lost recovered and future value created in the medium term.

Nigel Cayzer

Chairman

8 December 2022

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Oryx International Growth Fund Limited

Half-Yearly Financial Report for the six month period ended 30 September 2022

Half-Yearly Board Report (continued) Executive Summary

This Executive Summary is designed to provide information about Company's business and results for the six month period ended 30 September 2022. It should be read in conjunction with the Chairman's Statement on page 2 and the Investment Adviser's Report on page 8 which give a detailed review of investment activities for the period and an outlook for the future.

Corporate summary

The Company is a Guernsey Authorised Closed-Ended Collective Investment Scheme pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 2020, as amended, and the Authorised Closed Ended Investment Scheme Rules 2021 issued by the Guernsey Financial Services Commission.

It was incorporated and registered with limited liability in Guernsey on 2 December 1994, with registration number 28917.

The Company has a premium listing on the Main Market of the London Stock Exchange.

The Company's share capital is denominated in Sterling and each Ordinary Share carries equal voting rights.

The investment manager and investment adviser was Harwood Capital Management (Gibraltar) Limited LLP (the "Investment Manager" and the "Investment Adviser") during the six month period ended

30 September 2022.

Harwood Capital Management (Gibraltar) Limited LLP is an authorised manager by the Gibraltar Financial Services Commission as a small scheme funds to manage Alternative Investment Funds under the Alternative Investment Managers Regulations 2013.

Purpose

The purpose of the Company is to generate above-market returns, as measured against the appropriate index, over the medium and long term through investment in small and medium size companies.

Investment policy

The Company principally invests in small and mid-size quoted and unquoted companies in the United Kingdom ("UK") and the United States. The Investment Manager targets companies that have fundamentally strong business models, but where there may be specific factors which are constraining the maximisation or realisation of shareholder value, which may be realised through the pursuit of an activist shareholder agenda by the Investment Manager. Dividend income is a secondary consideration when making investment decisions.

Directors' interests

The Board comprises seven non-executive Directors, five of whom are independent: Nigel Cayzer (Chairman), Jamie Brooke, Gavin Farrell, John Grace and John Radziwill.

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